We are pleased to announce our latest Program-Related Investment in East Bay Asian Local Development Corporation (EBALDC). Our $875,000 PRI loan will help EBALDC purchase and preserve affordable housing in Oakland. Our PRI will provide capital to EBALDC’s Housing Acquisition Fund, which targets small apartment buildings at risk of conversion to higher rents and threatening the displacement of residents earning low and moderate incomes.
In an effort to quickly acquire, rehab and permanently preserve naturally-occurring affordable housing, EBALDC’s Housing Acquisition Fund focuses on small apartment buildings with at least 20 units. Once rehabbed, and as units become vacant, occupancy will be restricted to families earning less than or equal to 80% Area Median Income.
Founded in 1975, EBALDC’s mission is to build healthy, vibrant and safe neighborhoods through community development. They began their affordable housing development work in 1988 and since then have developed over 2,000 homes, townhouses and apartments and over 300,000 square feet of commercial/community space in Oakland, Richmond and San Pablo.
Recognizing that community development requires more than just real estate development, EBALDC serves over 4,000 people annually with a range of on-site services that empower their residents to set themselves on a path to economic security and a long, healthy life. Services and programs include: community engagement; employment support; youth programs; benefits assistance; housing stability; and quality of life assistance. In addition, their Family Economic Success Program assists families and individuals to stabilize their financial situations and to plan for long-term economic self-sufficiency. Sixty-seven percent of residents earn under $20,000.
EBALDC’s work is closely aligned with two of TSFF’s Equity Pathways: Anchoring Communities and Expanding Access to Opportunity. TSFF’s PRI loan will leverage $95 million in permanent financing and preserve 600 units over the next three years. EBALDC is aiming to create over 2,000 units of permanent affordable housing over the next eight years, with a focus on their priority neighborhoods: Lower Bottoms/Prescott, Chinatown/Lake Merritt, Havenscourt/Coliseum, San Pablo Avenue Corridor and Lower San Antonio.
In partnership with our donors, we are proud to support EBALDC with this important and timely investment. EBALDC is an experienced and respected housing developer with a strong focus on Oakland communities.
Learn more about our Program-Related Investment Fund and our current portfolio of loans at sff.org/pri.